First Internet Bancorp (NASDAQ:INBK) Receives Consensus Rating of “Reduce” from Analysts

First Internet Bancorp (NASDAQ:INBK) has received a consensus recommendation of “Reduce” from the five ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $25.1667.

Several research analysts have weighed in on INBK shares. Hovde Group raised their price objective on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Zacks Research cut shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Keefe, Bruyette & Woods decreased their price target on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research note on Friday, January 30th. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Finally, Piper Sandler cut their price objective on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research note on Friday, January 30th.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds have recently added to or reduced their stakes in INBK. Empowered Funds LLC raised its holdings in shares of First Internet Bancorp by 7.1% during the fourth quarter. Empowered Funds LLC now owns 15,329 shares of the bank’s stock worth $320,000 after purchasing an additional 1,012 shares during the period. XTX Topco Ltd acquired a new position in shares of First Internet Bancorp in the 4th quarter valued at about $206,000. Quadrature Capital Ltd acquired a new position in shares of First Internet Bancorp in the 4th quarter valued at about $473,000. Millennium Management LLC grew its position in shares of First Internet Bancorp by 48.8% during the 4th quarter. Millennium Management LLC now owns 145,554 shares of the bank’s stock valued at $3,038,000 after buying an additional 47,715 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its stake in First Internet Bancorp by 2.3% during the fourth quarter. Bridgeway Capital Management LLC now owns 45,229 shares of the bank’s stock worth $944,000 after acquiring an additional 1,012 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

First Internet Bancorp stock opened at $20.02 on Friday. First Internet Bancorp has a 52 week low of $17.05 and a 52 week high of $28.51. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.99. The stock has a market cap of $174.51 million, a P/E ratio of -4.97 and a beta of 0.83. The stock has a 50 day moving average of $20.92 and a 200-day moving average of $20.93.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.54%. On average, analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, March 31st. First Internet Bancorp’s dividend payout ratio is currently -5.96%.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).